操你逼_一级毛片在线观看免费_91欧美激情一区二区三区成人_日本中文字幕电影在线观看_久久久精品99_九九热精

24周年

財稅實務 高薪就業 學歷教育
APP下載
APP下載新用戶掃碼下載
立享專屬優惠

安卓版本:8.7.93 蘋果版本:8.7.93

開發者:北京正保會計科技有限公司

應用涉及權限:查看權限>

APP隱私政策:查看政策>

HD版本上線:點擊下載>

"Alternative Investments":Transparency in reporting positions

來源: 正保會計網校 編輯:小鞠橘桔 2020/11/25 10:22:59  字體:

選課中心

多樣班次滿足需求

選課中心

資料專區

干貨資料助力備考

資料專區

報考指南

報考條件一鍵了解

報考指南

學習是一個不斷積累的過程,每天學習一點,每天進步一點!為了幫助大家更高效地備考2021年CFA考試,正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試,夢想成真!

Questions 1:

A hedge fund with an initial value of $100 million has a management fee of 2% and an incentive fee of 20%. Management and incentive fees are calculated independently using end-of-period valuation. The value must reach the previous high-water mark before incentive fees are paid. The table below provides end-of-period fund values over the next three years.

Alternative Investments:Transparency in reporting positions

The total amount of fees earned by the hedge fund in Year 3 is closest to:

A 、$4.8 million.

B、 $5.5 million.

C、 $5.9 million.

Questions 2:

An investor who has positions in multiple long–short equity hedge funds and is concerned about whether these positions are sufficiently diversified will mostly likely be concerned about the lack of:

A 、transparency in reported positions.

B 、frequent independent valuations.

C 、liquidity in the underlying assets.

View answer resolution
【Answer to question 1】A

【analysis】

A is correct. The incentive fee is based on the performance relative to the previous high-water mark after fees. Management fee: 2% of $125 million = $2.5 million Incentive fee: 20% of ($125 million – $113.6 million) = $2.28 million In total: $2.5 million + $2.28 million = $4.78 million

 B is incorrect because the incentive fee is incorrectly based on the fund value before fees in the second year. Management fee: 2% of $125 million = $2.5 millionIncentive fee: 20% of ($125 million – $110 million) = $3 million In total: $2.5 million + $3 million = $5.5 million 

C is incorrect because the incentive fee is incorrectly based on the fund value after fees in the second year. Management fee: 2% of $125 million = $2.5 million Incentive fee: 20% of ($125 million – $107.8 million) = $3.44 million In total: $2.5 million + $3.44 million = $5.94 million

【Answer to question 2】A

【analysis】

A is correct. Long–short hedge funds invest in liquid, publicly traded equity (taking long and short positions); therefore, the underlying positions can be reversed easily and there is no need for independent valuations because current market prices are available. The investor will have difficulty in determining if the different funds are holding diverse or concentrated positions (both within each fund and between funds) because hedge funds generally do not reveal their holdings.

 B is incorrect because these funds hold publicly traded securities with fresh market prices. 

C is incorrect because these funds hold publicly traded securities that trade in liquid markets.

成功=時間+方法,自制力是這個等式的保障。世上無天才,高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績,其成績背后無比寂寞的勤奮。小編相信,每天都在勤奮練習,即使是一點點的進步,大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊,點擊了解>

學員討論(0

免費試聽

特許金融分析師限時免費資料

  • CFA報考指南

    CFA報考指南

  • CFA考試大綱

    CFA考試大綱

  • CFA歷年

    CFA歷年

  • CFA學習計劃

    CFA學習計劃

  • CFA思維導圖

    CFA思維導圖

  • CFA備考建議

    CFA備考建議

回到頂部
折疊
網站地圖

Copyright © 2000 - www.electedteal.com All Rights Reserved. 北京正保會計科技有限公司 版權所有

京B2-20200959 京ICP備20012371號-7 出版物經營許可證 京公網安備 11010802044457號

恭喜你!獲得專屬大額券!

套餐D大額券

去使用
報考小助理

備考問題
掃碼問老師

主站蜘蛛池模板: 久久久久国产精品一区 | 成人精品久久 | 欧美日韩国产不卡 | 国产精品99精品久久免费 | 国产91一区| 三级av在线 | 日本一二三区视频 | 亚洲中字幕 | 日韩一区在线播放 | 国产精品一区二区三区在线 | 国产高清视频一区二区 | 亚洲精品在线电影 | 欧洲成人午夜免费大片 | 麻豆视频免费在线播放 | 91麻豆精品国产91久久久久久 | 一级亚洲片 | 一区二区三区中文字幕 | 精品成人在线视频 | 色婷婷中文 | 成人精品国产免费网站 | 黄a视频 | 欧美jizz18性欧美视频 | 久久精品区| 国产精品黄色 | 欧美不卡一区二区三区 | 一区二区视频在线 | 丰满少妇一级毛片不卡免费 | 久久久久久久网站 | 欧美伦理一区二区 | 色综合久久天天综合网 | 欧美一级黄色免费看 | 国产精品电影在线观看 | 性欧美大战久久久久久久免费观看 | 亚洲福利在线观看 | www.日韩视频 | 久久综合久 | 成人久久久精品乱码一区二区三区 | 国产a区| 天天艹在线观看 | 国产精品永久 | 最近中文文幕天免费 |